76 Amendments of Stéphanie YON-COURTIN related to 2020/0267(COD)
Amendment 156 #
Proposal for a regulation
Recital 5
Recital 5
(5) In order to allow for the development of crypto-assets that qualify as financial instruments and DLT, while preserving a high level of financial stability, market integrity, transparency and investor protection, it would be useful to create a pilot regime for DLT market infrastructures. A pilot regime for DLT market infrastructures should allow such DLT market infrastructures to be temporarily exempted from some specific requirements under the Union financial services legislation that could otherwise prevent them from developing solutions for the trading and settlement of transactions in crypto-assets that qualify as financial instruments. The pilot regime should also enable the European Securities and Markets Authorities (ESMA) and competent authorities to gain experience on the opportunities and specific risks created by crypto-assets that qualify as financial instruments, and by their underlying technology. At the same time, the pilot regime should only introduce targeted adjustments to existing Union law, without resulting in a fundamental overhaul of the separation of trading and post-trading functions and of the landscape of financial market infrastructures.
Amendment 165 #
Proposal for a regulation
Recital 8
Recital 8
(8) A DLT MTF should be a multilateral trading facility that is operated by an entity, including but not limited to an investment firm or a market operator that operate the business or a regulated market and maybe the regulated market itself, authorised under Directive 2014/65/EU (Markets in Financial Instruments Directive, MiFID II), and that has received a specific permission under this Regulation. Such a DLT MTF should be subject to all the requirements applicable to a multilateral trading facility under the framework of Directive 2014/65/EU (Markets in Financial Instruments Directive, MiFID II), Regulation EU No 600/2014 of the European Parliament and of the Council (the Markets in Financial Instruments Regulation, MiFIR)41 , or any other EU financial services legislation, except if it has been granted one or several exemptions by its national competent authority, in accordance with this Regulation and Directive (EU) .../... of the European Parliament and of the Council42 . _________________ 41Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84) 42Proposal for a Directive of the European Parliament and of the Council amending Directives 2006/43/EC, 2009/65/EC, 2009/138/EU, 2011/61/EU, EU/2013/36, 2014/65/EU, (EU) 2015/2366 and EU/2016/2341 - COM(2020)596
Amendment 168 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) Entities that are not authorised under Directive 2014/65/EU should be allowed to apply for a specific permission under this Regulation to operate a DLT MTF, following a fast-track procedure.
Amendment 173 #
Proposal for a regulation
Recital 10
Recital 10
(10) A DLT securities settlement system should be an entity, including but not limited to a securities settlement system operated by a CSD authorised under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation) that has received a specific permission under this Regulation. A DLT securities settlement system, and the CSDentity operating it, should be subject to the relevant requirements of Regulation (EU) No 909/2014 (the Central Securities Depository Regulation), except where the national competent authority has granted the CSDentity operating the DLT securities settlement system with one or several exemptions, in accordance with this Regulation.
Amendment 176 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) Entities that are not authorised under Regulation (EU) No 909/2014 should be allowed to apply for a specific permission under this Regulation to operate a DLT securities settlement system, following a fast-track procedure.
Amendment 179 #
Proposal for a regulation
Recital 11
Recital 11
(11) A DLT MTF or a CSDn entity operating a DLT securities settlement system should only admit to trading or record DLT transferable securities on their distributed ledger. DLT transferable securities should be crypto-assets that qualify as ‘transferable securities’ within the meaning of Directive 2014/65/EU (the Market in Financial Instruments Directive, MiFID II) and that are issued, transferred and stored on a distributed ledger.
Amendment 183 #
Proposal for a regulation
Recital 12
Recital 12
(12) In order to allow innovation and experimentation in a sound regulatory environment while preserving financial stability, the type of transferable securities admitted to trading on a DLT MTF or recorded in a CSDn entity operating a DLT securities settlement system should be limited to securities, such as shares and bonds that are not liquid. In order to determine whether a share or bond is liquid or not, this Regulation should set some value thresholds. To avoid the creation of any risk to financial stability, the total market value of DLT transferable securities recorded by a CSDn entity operating a DLT securities settlement system, or admitted to trading by a DLT MTF, should also be limited. DLT market infrastructures should also be prevented from admitting to trading or recording on the distributed ledger sovereign bonds. To verify that the DLT transferable securities traded on or recorded by a DLT market infrastructure meets the conditions imposed under this Regulation, national competent authorities should be allowed to require such DLT market infrastructures to submit reports.
Amendment 193 #
Proposal for a regulation
Recital 18
Recital 18
(18) To be granted an exemption under this Regulation, the DLT MTF should demonstrate that the exemption is proportionate and limited to the use of DLT as described in its business plan and that the exemption requested is limited to the DLT MTF and, where the entity operating the DLT MTF is an investment firm or a market operator, not extended to any other MTF operated by the same investment firm or market operator.
Amendment 195 #
Proposal for a regulation
Recital 19
Recital 19
(19) A CSDn entity operating a DLT securities settlement system should be able to request one or several exemptions on a temporary basis, as listed under this Regulation, to be granted by the relevant competent authority, if it complied with the conditions to such exemptions as well as additional requirements to address novel forms of risks raised by the use of DLT. The CSDentity operating the DLT securities settlement system should comply with any compensatory measure imposed by the competent authority in order to meet the objectives pursued by the provision for which an exemption has been requested.
Amendment 199 #
Proposal for a regulation
Recital 21
Recital 21
(21) Under Regulation (EU) No 909/2014 (the Central Securities Depositories Regulation), a CSD can only outsource one of its core activities, after receiving an authorisation from the competent authority. The CSD is also required to respect several conditions, so that the outsourcing does not result in a delegation of its responsibility or in a modification of the obligations of the CSD towards its participants or issuers. Depending on its business plan, a CSDn entity operating a DLT securities settlement system could be willing to share the responsibility of running itsthe distributed ledger on which the transferable securities are recorded with other entities, including with its participants. The DLT securities settlement system should be able to request an exemption from the outsourcing requirements to develop such innovative business models. In such a case, they should demonstrate that the provisions on outsourcing are incompatible with the use of DLT as envisaged in their business plan and they should also demonstrate that some minimum requirements on outsourcing are met.
Amendment 209 #
Proposal for a regulation
Recital 28
Recital 28
(28) A CSDWhere they use a proprietary DLT, an entity operating a DLT securities settlement system, or DLT MTF where they are permitted to settle the transactions in DLT transferable securities themselves, should establish the rules on the functioning of the proprietary DLT they operate, including the rules to access and admission on the DLT, the rules for the participating nodes and the rules to address potential conflicts of interest, as well as risk management measures. Where they use a public DLT, an entity operating a DLT securities settlement system, or DLT MTF where they are permitted to settle the transactions in DLT transferable securities themselves, should properly describe to the relevant competent authority the functioning of the DLT they use, the way they address potential conflicts of interest, as well as risk management measures.
Amendment 220 #
Proposal for a regulation
Recital 33
Recital 33
(33) The specific permission granted to a DLT market infrastructure should follow the same procedures as the authorisation of a traditional MTF, where the entity operating the DLT MTF is an investment firm or a market operator, or a CSD where such a CSD is seeking to operate a new securities settlement system. However, when applying for a permission, the applicant DLT infrastructure should indicate the exemptions it would be seeking. Before granting a permission to a DLT market infrastructure, the competent authority should consult ESMA. ESMA should issue a non-binding opinion and make any recommendationscompetent authorities should put in place fast track procedures for entities not authorised as an MTF or as a CSD at the time onf their application for the exemptions requested. ESMA should also consult the competent authorities of the other Member States. Where issuing its non-binding opinion, ESMA should aim at ensuring financial stability, market integrity and investor protection. In order to ensure the level- a specific permission under this Regulation. When applaying field and fair competition across the single market, ESMA’s non-binding opinion should also aim at ensuring the consistency and proportionality of the exemptions granted by different competent authorities across the Unionor a permission, the applicant DLT infrastructure should indicate the exemptions it would be seeking.
Amendment 224 #
Proposal for a regulation
Recital 33 a (new)
Recital 33 a (new)
(33 a) Before granting a permission to a DLT market infrastructure, the competent authority should consult ESMA. ESMA should issue a non-binding opinion and make any recommendations on the application or the exemptions requested. ESMA should also consult the competent authorities of the other Member States. When issuing its non-binding opinion, ESMA should aim to ensure financial stability, market integrity and investor protection. In order to ensure a level- playing field and fair competition across the internal market, ESMA’s non-binding opinion should also aim to ensure the consistency and proportionality of the exemptions granted by different competent authorities across the Union. ESMA may adopt guidelines to further specify the conditions for granting exemptions and requiring compensatory measures, based on relevant experience from competent authorities and on its non-binding opinions.
Amendment 244 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
(1) This Regulation lays down requirements on multilateral trading facilities and securities settlemententities systems using distributed ledger technology ‘DLT market infrastructures’, which are granted with a specific permissions to operate in accordance with Article 7 and Article 8.
Amendment 251 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – introductory part
Article 2 – paragraph 1 – point 3 – introductory part
(3) ‘DLT multilateral trading facility’ or ‘DLT MTF’ means a ‘multilateral trading facility’, operated by an investment firm or a market operator, that only admits to trading DLT transferable securities and that may be permitted, on the basis of transparent, non-discretionary, uniform rules and procedures, to:
Amendment 253 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) ‘DLT securities settlement system’ means a securities settlement system, operated by a ‘central securities depository’, that settles transactions in DLT transferable securities against payment;
Amendment 262 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – introductory part
Article 2 – paragraph 1 – point 13 – introductory part
(13) ‘sovereign bond’ means a bond issued by a sovereign issuer which is either:ithin the meaning of Article 4(1) point (60) of Directive 2014/65/EU;
Amendment 263 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point a
Article 2 – paragraph 1 – point 13 – point a
Amendment 264 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point b
Article 2 – paragraph 1 – point 13 – point b
Amendment 265 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point c
Article 2 – paragraph 1 – point 13 – point c
Amendment 270 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 – point b a (new)
Article 2 – paragraph 1 – point 22 – point b a (new)
(b a) an entity operating a DLT MTF that is neither an investment firm nor a market operator, the Member State in which the entity is registered or, if under the law of that Member State it has no registered office, the Member State in which the head office of the operator is situated;
Amendment 271 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 – point c a (new)
Article 2 – paragraph 1 – point 22 – point c a (new)
(c a) an entity operating a DLT securities settlement system that is not a CSD, the Member State in which the operator is registered or, if under the law of that Member State it has no registered office, the Member State in which the head office of the operator is situated;
Amendment 275 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) convertible bonds, covered bonds, corporate bonds, sovereign bonds, other public bonds and other bonds, with an issuance size of less than EUR 500 million.
Amendment 285 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 290 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
3. The total market value of DLT transferable securities recorded in a CSDn entity operating a DLT securities settlement system shall not exceed EUR 2.5 billion. Where a DLT MTF records the DLT transferable securities instead of a CSD, in accordance with paragraphs 2 and 3 of Article 4, the total market value of the DLT transferable securities recorded by the investment firm or market operatorentity operating the DLT MTF shall not exceed EUR 2.5 billion.
Amendment 293 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3 a. By way of derogation, corporate bonds issued by issuers whose market capitalisation did not exceed EUR 1 billion at the time of their issuance shall be excluded from the calculation of the threshold set out in paragraphs (1)(b) and (3).
Amendment 294 #
Proposal for a regulation
Article 3 – paragraph 4 – point a
Article 3 – paragraph 4 – point a
(a) determined daily, either by the CSD or the investment firm or market operatorentity concerned; and
Amendment 303 #
Proposal for a regulation
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
1. A DLT MTF shall be subject to all the requirements applicable to an MTF under Directive 2014/65/EU and Regulation (EU) No 2014/600, except if the investment firm or the market operatorentity operating the DLT MTF:
Amendment 307 #
Proposal for a regulation
Article 4 – paragraph 2 – introductory part
Article 4 – paragraph 2 – introductory part
2. At its request, an investment firm or a market operatorentity operating a DLT MTF may be permitted to admit to trading DLT transferable securities that are not recorded in a CSD in accordance with Article 3(2) of Regulation (EU) 909/2014 but instead recorded on the DLT MTF’s distributed ledgerused by the DLT MTF.
Amendment 309 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – introductory part
Article 4 – paragraph 2 – subparagraph 1 – introductory part
An investment firm or market operatorentity requesting an exemption pursuant to paragraph 1 shall propose compensatory measures to meet the objectives pursued by the provisions from which an exemption is requested, and ensure at a minimum:
Amendment 310 #
Proposal for a regulation
Article 4 – paragraph 2 – subparagraph 1 – point c
Article 4 – paragraph 2 – subparagraph 1 – point c
(c) that the DLT MTF keeps records which enable the investment firm or market operatorentity operating the DLT MTF, without delay at any given time, to segregate the DLT transferable securities of a member, participant, issuer or client from those of any other member, participant, issuer or client.
Amendment 315 #
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. Where an investment firm or a market operatorentity operating a DLT MTF has requested an exemption under paragraph 2, it shall ensure, by means of robust procedures and arrangements that, the DLT MTF:
Amendment 318 #
Proposal for a regulation
Article 4 – paragraph 3 – point a
Article 4 – paragraph 3 – point a
(a) guarantees that the number of DLT transferable securities in an issue or in part of an issue admitted by the investment firm or market operatorentity operating the DLT MTF, is equal to the sum of DLT transferable securities making up such an issue or part of an issue, recorded on the DLT, at any given time;
Amendment 324 #
Proposal for a regulation
Article 4 – paragraph 3 – point f – paragraph 2
Article 4 – paragraph 3 – point f – paragraph 2
Where settlement occurs through commercial bank money or e-money tokens, the investment firm or market operatorentity operating the DLT MTF shall identify, measure, monitor, manage, and minimise any counterparty risk arising from the use of such money; and
Amendment 328 #
Proposal for a regulation
Article 4 – paragraph 4 – introductory part
Article 4 – paragraph 4 – introductory part
4. Where an investment firm or a market operatorentity operating a DLT MTF requests an exemption in accordance with paragraph 2 or with Directive (EU) .../...54 , it shall in any case demonstrate that the exemption requested is: _________________ 54Proposal for a Directive of the European Parliament and of the Council amending Directives 2006/43/EC, 2009/65/EC, 2009/138/EU, 2011/61/EU, EU/2013/36, 2014/65/EU, (EU) 2015/2366 and EU/2016/2341 - - COM(2020)596
Amendment 329 #
Proposal for a regulation
Article 4 – paragraph 4 – point b
Article 4 – paragraph 4 – point b
(b) limited to the DLT MTF and does not extended to any other MTF operated by the said investment firm or market operatorentity.
Amendment 330 #
Proposal for a regulation
Article 4 – paragraph 4 a (new)
Article 4 – paragraph 4 a (new)
4 a. An entity that is not subject to all the requirements applicable to an MTF under Directive 2014/65/EU and Regulation (EU) No 2014/600 at the time of its application for a specific permission shall be allowed to apply in accordance with paragraphs 1 to 4 of this Article. Competent authorities shall put in place specific procedures for entities that are not subject to all the requirements applicable to an MTF under Directive 2014/65/EU and Regulation (EU) No 2014/600 at the time of their application.
Amendment 332 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. A CSDn entity operating a DLT securities settlement system shall be subject to the requirements applicable to a CSD under Regulation (EU) No 909/2014, except if such a CSDn entity:
Amendment 335 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. At its request, a CSDn entity operating a DLT securities settlement system may be exempted by the competent authority from the application of Article 2(4) on dematerialised form, Article 2(9) on transfer of orders, Article 2(28) on securities accounts, Article 3 on the recording of securities, Article 37 on the integrity of issue, Article 38 on the segregation of assets of Regulation (EU) No 909/2014, provided that the CSDentity operating the DLT securities settlement system:
Amendment 342 #
Proposal for a regulation
Article 5 – paragraph 3 – introductory part
Article 5 – paragraph 3 – introductory part
3. At its request, a CSDn entity operating a DLT securities settlement system may be exempted by the competent authority from the application of Article 19 and Article 30 of Regulation (EU) No 909/2014, provided that:
Amendment 343 #
Proposal for a regulation
Article 5 – paragraph 3 – point a
Article 5 – paragraph 3 – point a
(a) such provisions are incompatible with the use of a DLT as envisaged by the particular DLT operated by the CSDentity concerned; and
Amendment 344 #
Proposal for a regulation
Article 5 – paragraph 3 – point b
Article 5 – paragraph 3 – point b
(b) the CSDentity operating the DLT securities settlement system ensures that the conditions set out in points (c) to (i) of Article 30(1) and in Article 30(2) of Regulation (EU) No 909/2014 are complied with.
Amendment 345 #
Proposal for a regulation
Article 5 – paragraph 4 – introductory part
Article 5 – paragraph 4 – introductory part
4. At its request, a CSDn entity operating a DLT securities settlement system may be exempted by the competent authority from the application of Article 2(19) of Regulation (EU) No 909/2014 on participants and may be permitted to admit as participants natural and legal persons other than those referred to in Article 2(19), provided that such persons:
Amendment 347 #
5. At its request, a CSDn entity operating a DLT securities settlement system may be exempted by the competent authority from the application of Article 40 of Regulation (EU) No 909/2014 on cash settlement, provided that the CSDentity ensures delivery versus payment.
Amendment 356 #
Proposal for a regulation
Article 5 – paragraph 5 – subparagraph 2
Article 5 – paragraph 5 – subparagraph 2
Where settlement occurs through commercial bank money or e-money tokens, the investment firm or market operatorentity operating the DLT MTF shall identify, measure, monitor, manage, and minimise any counterparty risk arising from the use of such money.
Amendment 357 #
Proposal for a regulation
Article 5 – paragraph 6
Article 5 – paragraph 6
6. At its request, a CSDn entity operating a DLT securities settlement system may be exempted by the competent authority from the application of Articles 50 and/or Article 53 on standard link access and access between a CSD and another market infrastructure of Regulation (EU) No 909/2014, provided that it demonstrates that the use of a DLT is incompatible with legacy systems of other CSDs or other market infrastructures or that granting such access to another CSD or another market infrastructure using legacy systems would trigger disproportionate costs, given the size of the DLT securities settlement system.
Amendment 360 #
Proposal for a regulation
Article 5 – paragraph 7 – introductory part
Article 5 – paragraph 7 – introductory part
7. Where a CSDn entity operating a DLT securities settlement system has requested an exemption in accordance with the first sub-paragraph, it shall give access to other CSDentities operating a DLT securities settlement system or to DLT MTFs.
Amendment 361 #
Proposal for a regulation
Article 5 – paragraph 7 – subparagraph 1 – introductory part
Article 5 – paragraph 7 – subparagraph 1 – introductory part
Where a CSDn entity operating a DLT securities settlement system requests an exemption in accordance with paragraphs 2 to 6, it shall in any case demonstrate that:
Amendment 365 #
Proposal for a regulation
Article 5 – paragraph 7 – subparagraph 1 – point b
Article 5 – paragraph 7 – subparagraph 1 – point b
(b) the exemption requested is limited to the DLT securities settlement system and does not extend to any other securities settlement system as defined in Article 2(10) of Regulation (EU) No 909/2014 operated by the same CSDentity.
Amendment 368 #
Proposal for a regulation
Article 5 – paragraph 8
Article 5 – paragraph 8
8. Where a CSDn entity has requested and been granted an exemption under paragraph 3, the requirement in Article 39(1) of Regulation (EU) No 909/2014/EU for Member States to designate and notify the securities settlement system operated by the CSDentity in accordance with Directive 98/26/EC shall not apply to the DLT securities settlement system. The foregoing shall not preclude Member States from designating and notifying a DLT securities settlement system in accordance with Directive 98/26/EC where the DLT securities settlement system fulfils all of the requirements of that Directive.
Amendment 369 #
Proposal for a regulation
Article 5 – paragraph 8 a (new)
Article 5 – paragraph 8 a (new)
8 a. An entity that is not subject to the requirements applicable to a CSD under Regulation (EU) No 909/2014 at the time of the application for a specific permission to operate a DLT MTF under this Regulation, shall be allowed to apply in accordance with paragraphs 1 to 8 of this Article. Competent authorities shall put in place specific procedures for entities that are not subject to the requirements applicable to a CSD under Regulation (EU) No 909/2014 at the time of their application.
Amendment 380 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
2. A CSDWhere they use a proprietary DLT, an entity operating a DLT securities settlement system, and an investment firm or a market operatorentity operating a DLT MTF requesting an exemption from Article 3(2) of Regulation (EU) No 909/2014, shall establish rules on the functioning of the DLT they operate, including the rules for accessing the distributed ledger technology, the participation of the validating nodes, addressing potential conflicts of interest, and risk management including any mitigation measures.
Amendment 385 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2 a. Where an entity operating a DLT securities settlement system and an entity operating a DLT MTF use a public DLT and request an exemption from Article 3(2) of Regulation (EU) No 909/2014, they shall properly describe to the relevant competent authority the functioning of the DLT they use, the way they address potential conflicts of interest, and risk management measures.
Amendment 393 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Amendment 409 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Article 7 – paragraph 3 – subparagraph 1
Within three months of receipt of the notification, ESMA shall provide the competent authority with a non-binding opinion on the application and shall make any recommendations on the exemptions requested by the applicant, that are necessary to ensure investor protection, market integrity and financial stability. ESMA shall also promote the consistency and proportionality of exemptions granted by competent authorities to investment firms or market operatorentities operating DLT MTFs across the Union. In order to do so, ESMA, shall consult the competent authorities of the other Member States in a timely manner and take the utmost account of their views in its opinion.
Amendment 410 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 a (new)
Article 7 – paragraph 3 – subparagraph 1 a (new)
With a view to establishing consistent, efficient and effective supervisory practices and to ensuring the common, uniform and consistent application of Union law, ESMA may adopt guidelines to further specify the conditions for granting exemptions and requiring compensatory measures, based on relevant experience from competent authorities and on ESMA's non-binding opinions.
Amendment 411 #
Proposal for a regulation
Article 7 – paragraph 5 – introductory part
Article 7 – paragraph 5 – introductory part
5. The specific permission granted to either an investment firm or a market operatoran entity to operate a DLT MTF shall be valid throughout the Union for up to six years from the date of the specific permission. It shall specify the exemptions that are granted, in accordance with Article 4.
Amendment 417 #
Proposal for a regulation
Article 7 – paragraph 6 – point b
Article 7 – paragraph 6 – point b
(b) the investment firm or market operatorentity operating the DLT MTF has breached the conditions attached to the exemptions granted by the competent authority;
Amendment 418 #
Proposal for a regulation
Article 7 – paragraph 6 – point c
Article 7 – paragraph 6 – point c
(c) the investment firm or market operator,entity operating a DLT MTF has admitted to trading financial instruments that do not fulfil the conditions laid down in Article 3(1) and 3(2);
Amendment 419 #
Proposal for a regulation
Article 7 – paragraph 6 – point d
Article 7 – paragraph 6 – point d
(d) the investment firm or market operator,entity operating a DLT MTF, that has requested an exemption from Article 3(2) of Regulation (EU) No 909/2014, has recorded DLT transferable securities that do not fulfil the conditions laid down in Article 3(1) and 3(2);
Amendment 420 #
Proposal for a regulation
Article 7 – paragraph 6 – point e
Article 7 – paragraph 6 – point e
(e) the investment firm or market operator,entity operating a DLT MTF, that has requested specific permission to be exempted from Article 3(2) of Regulation (EU) No 909/2014, has exceeded the thresholds referred to in Article 3(3) or (5), third subparagraph; or
Amendment 421 #
Proposal for a regulation
Article 7 – paragraph 6 – point f
Article 7 – paragraph 6 – point f
(f) the competent authority becomes aware that the investment firm or market operatorentity that applied for a specific permission to operate a DLT MTF, obtained such permission or related exemptions on the basis of misleading information including any material omission.
Amendment 423 #
Proposal for a regulation
Article 7 – paragraph 7 – introductory part
Article 7 – paragraph 7 – introductory part
7. Where in the course of its activity, an investment firm or a market operatorentity operating a DLT MTF proposes to introduces a material change to the functioning of the DLT, or to its services or activities, which requires a new permission, a new exemption, or the modification of one or more of its existing exemptions or of any conditions attached to it, it shall request such permission, exemption or modification in accordance with Article 4. Such permission, exemption or modification shall be processed by the competent authority, in accordance with paragraphs 2 to 5.
Amendment 425 #
Proposal for a regulation
Article 8 – paragraph 2 – point c
Article 8 – paragraph 2 – point c
(c) the functioning of its proprietarythe DLT as referred to in Article 6(2) and (2a);
Amendment 442 #
Proposal for a regulation
Article 8 – paragraph 6 – point a
Article 8 – paragraph 6 – point a
(a) a flaw has been discovered in the functioning of the DLT or in the services and activities provided by the CSDentity operating a DLT securities settlement system that poses a risk to market integrity, investor protection or financial stability, which outweighs the benefits of the services and activities under experimentation; or
Amendment 443 #
Proposal for a regulation
Article 8 – paragraph 6 – point b
Article 8 – paragraph 6 – point b
(b) the CSDentity operating the DLT securities settlement system has breached the conditions attached to the exemptions granted by the competent authority; or
Amendment 444 #
Proposal for a regulation
Article 8 – paragraph 6 – point c
Article 8 – paragraph 6 – point c
(c) the CSDentity operating the DLT securities settlements system has recorded financial instruments that do not fulfil the conditions laid down Article 3(1) and (2); or
Amendment 445 #
Proposal for a regulation
Article 8 – paragraph 6 – point d
Article 8 – paragraph 6 – point d
(d) the CSDentity operating the DLT securities settlements system has exceeded the thresholds referred to in Article 3(3) and (5), third subparagraph; or
Amendment 446 #
Proposal for a regulation
Article 8 – paragraph 6 – point e
Article 8 – paragraph 6 – point e
(e) the competent authority becomes aware that the CSDentity operating the DLT securities settlement system that applied for a specific permission to operate a DLT securities settlement system, obtained such permission or related exemptions on the basis of misleading information including any material omission.
Amendment 447 #
Proposal for a regulation
Article 8 – paragraph 7 – introductory part
Article 8 – paragraph 7 – introductory part
7. Where in the course of its activity, a CSDn entity operating a DLT securities settlement system proposes to introduces a material change to the functioning of the DLT, or to its services or activities, which require a new permission, a new exemption or the modification of one or more of its existing exemptions or of any attached conditions, it shall request such permission, exemption or modification, in accordance with Article 5. Such permission, exemption or modification, shall be processed by the competent authority, in accordance with paragraphs 2 to 5.
Amendment 448 #
Proposal for a regulation
Article 8 – paragraph 7 – subparagraph 1
Article 8 – paragraph 7 – subparagraph 1
Where in the course of its activity, a CSDn entity operating a DLT securities settlement system requests a new permission or exemption, it shall request such permission or exemption, in accordance with Article 5. Such permission or exemption or modification shall be processed by the competent authority, in accordance with paragraphs 2 to 5.
Amendment 460 #
Proposal for a regulation
Article 9 – paragraph 4 – point b
Article 9 – paragraph 4 – point b
(b) the number and value of DLT transferable securities admitted to trading on the DLT MTF, the number and value of DLT transferable securities recorded by a CSDn entity operating DLT securities settlement systems, and where applicable, the number and value of transferable securities recorded by an investment firm or market operatorentity operating on a DLT MTF;
Amendment 462 #
Proposal for a regulation
Article 9 – paragraph 4 – point c
Article 9 – paragraph 4 – point c
(c) the number and value of transactions traded on a DLT MTF and settled either by a CSDn entity operating a DLT securities settlement system, or where applicable, by an investment firm or market operatorentity operating a DLT MTF;
Amendment 471 #
Proposal for a regulation
Article 10 – paragraph 1 – point b
Article 10 – paragraph 1 – point b
(b) the number of DLT MTFs and CSDentities operating a DLT securities settlement system which have been granted a specific permission under this Regulation;
Amendment 473 #
Proposal for a regulation
Article 10 – paragraph 1 – point d
Article 10 – paragraph 1 – point d
(d) the number and value of DLT transferable securities admitted to trading on DLT MTFs, the number and value of DLT transferable securities recorded by CSDentities operating DLT securities settlement systems, and where applicable, the number and value of transferable securities recorded by DLT MTFs;
Amendment 475 #
Proposal for a regulation
Article 10 – paragraph 1 – point e
Article 10 – paragraph 1 – point e
(e) the number and value of transactions traded on DLT MTFs and settled by CSDentities operating DLT securities settlement system, and where applicable, by DLT MTFs;